- Sorare has secured an NFT licensing deal with the English Premier League.
- The multi-million-pound deal will allow Sorare to sell digital sports cards of Premier League players.
- The Premier League may acquire a stake in the crypto startup as part of the deal.
- The deal was previously reported to be worth £30 million a year.
Paris-based blockchain startup Sorare has secured a licensing deal with the English Premier League to create and distribute NFTs or digital sports cards of players from all 20 football clubs in the league. The flagship football league’s digital collectibles deal comes at a time when the broader crypto industry is facing a brutal bear market that has eroded investors’ confidence.
Sorare strikes 4-year NFT deal with Premier League
According to a report by Financial Times, Sorare’s deal with the Premier League will last 4 years. The French blockchain-based fantasy gaming startup will be able to create and sell digital sports cards featuring football stars like Manchester City’s Erling Haaland and Harry Kane of Tottenham Hotspur. The deal also has a provision for the League to acquire an equity stake in Sorare.
Every digital card will essentially be a non-fungible token (NFT) on the Ethereum blockchain. Users will be able to collect and trade the cards as well as use them in the fantasy football game. Although an accurate figure has not been disclosed, a report from last year valued the deal at nearly £30 million per year.
“The way that supporters follow their favorite teams and players is evolving and the Premier League is always looking for ways to engage with fans.”Richard Masters, chief executive of the Premier League
Launched in 2018, Sorare quickly made a name for itself in the world of fantasy sports. It currently has a presence in the National Basketball Association (NBA) and Major League Baseball (MLB). The startup has reportedly attracted more than 3 million signups and was valued at $4.3 billion in 2021. Sorare counts Softbank and Accel among its investors who have invested $680 million so far. Football stars including Lionel Messi and Kylian Mbappe serve as the startup’s ambassadors.